Final Review 1.1

Front

Which of the following is not one of the four factors of production? Land, Machinery, Capital, Enterprise

Back

Machinery

Front

An iPhone selling for $649 costs $280 to produce. What is the value added in the production process?

Back

$369

Front

Money is an example of which of the following factors of production? Enterprise, Labour, Capital, Land

Back

Capital

Front

Those who use a product or service are called ____________, and those who only buy it, but not necessarily use it, are called ____________.

Back

Consumers, customers

Front

Goods are __________ items, generally produced by the __________ and/or __________ sectors of an economy.

Back

Tangible, primary, secondary

Front

Which business function handles staffing duties such as recruitment, personnel training, performance appraisals and dismissals?

Back

Human resources

Front

Which business function is involved with handling money/funds, making payments and preparing income statements, balance sheets and cash flow statements?

Back

Finance and accounts

Front

Refer to the table below. Which product’s production process added the most value? Options: Product A, Product B, Product C, Product D

Back

Product D

Front

Which business function is in charge of identifying customer requirements and promoting a firm’s products?

Back

Marketing

Front

Which business function is in charge of all aspects of the production process, quality management and conducting research and development?

Back

Operations